Biofusion plc (AIM: BFN), the university IP commercialisation company that turns world class research into business, is today pleased announce that under its agreement with Cardiff University, the University’s 25% stake in Cardiff Biologicals Limited (“Cardiff Biologicals”), a drug discovery and development company specialising in anti-angiogenesis products for the treatment of cancer, has been transferred to Biofusion, for a loan note to the value of £250,000.
In addition, Biofusion announces that it has invested £200,000 into Cardiff Biologicals, thereby bringing its total shareholding in the company to 50%. The funding will be utilised by Cardiff Biologicals to continue development of its lead anti-angiogenesis compound for the treatment of cancer, which is currently poised to enter the pre-clinical phase of its development.
Cardiff Biological’s technology is based on research conducted by Professor Wen Jiang’ at Cardiff University.